Tuesday, February 23

Bankers in favour of paying global fee

Some of the world’s most prominent bankers have come out in favour of a global bank wind-down fund, a concession from the industry after weeks of fighting proposals for new taxes in the US and Europe. Josef Ackermann, chief executive of Deutsche Bank, told the Financial Times on Friday : “To help solve the too-big-to-fail problem I’m advocating a European rescue and resolution fund for banks. Of course, the capital for this fund would have to come from banks to a large degree.” Bob Diamond, president of Barclays , also supported the idea of a global levy, which could see banks contribute tens or even hundreds of billions of dollars over a period of years.

hmmm, so instead of the tax payers paying for a failed bank in one fell swoop, they would pay for this over time. And this is good how? Where do you think this global fees/levies are going to come from? The inhabitants of Neptune? The levy/fees will be paid for by the bank customers on their financial products. Kindda confusing. oh! what a tangled web we weave when we practise to deceive..